Vietnam’s Credit growth set at 17% in 2018

The Hanoitimes – In 2017, the State Bank of Vietnam (SBV) has implemented the monetary policy flexibly as part of the effort taking the GDP growth rate to a 10 year high of 6.81%. In 2018, the loan growth is expected to be maintained at 17%. This target is set by the Vice Governor of SBV Nguyen Thi Hong at the meeting evaluating the performance of implemented monetary policy and banking sector in 2017, and targets for 2018.  In 2017, the SBV has flexibly implemented monetary policies to stabilize the financial market, with an aim to control inflation rate and creating conditions for credit institutions to reduce interest rate. As such, with more money is pumped into the national economy, the GDP’s growth rate has reached a 10 year high of 6.81%.    SBV set target for credit growth at 17% in 2018. The SBV’s leaders also focused on solutions to reduce interest rate, as an effort to support enterprises and economic growth. Under the pressure of raising credit growth in the first 6 months of 2017, the SBV has put up effort in managing monetary policies to ensure liquidity for credit institutions, maintaining the inter-bank rates flexibly to reduce the market’s lending rate.  In particular, as of July 10, in order to facilitate the economic growth in parallel with controlling inflation rate under 4% set by the National Assembly, the SBV has reduce the central rate at 0.25% per year, and 0.5% of the ceiling rate of short term… [Read full story]

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